Electroencephalography (EEG) is a method of monitoring and recording electrical activity generated by the brain. This noninvasive procedure places electrodes around the scalp to read the activity inside the brain with voltage fluctuations caused by the ionic current within the neurons of the brain.
In recent years, the growing demand for brain monitoring to understand its complexities has generated a high demand for electroencephalography devices market. These devices are often used for diagnosing improper functioning of the brain due to coma, stroke, and tumors, among other reasons. According to market research analysts, the global EEG devices market was worth US$879.0 mn in 2014 and is expected to pace ahead at a CAGR of 6.80% in the coming six years. This remarkable rate is attributable to the product innovation aimed towards bringing in efficiency in brain monitoring devices.
Rapid Product Development to Offer Efficient Solutions for Brain Monitoring
The primary growth driver of the global EEG devices market is the growing incidence of neurological disorders, increasing research and development in neuroscience, rising healthcare expenditure, and rapid product development. The growth of the global EEG market is also attributable to the rising investments by manufacturers to create devices that cater to the specific demands of brain monitoring.
Availability of Substitutes to Restrain Global Electroencephalography Market
These strong market drivers face opposition from restraints such as the lack of trained personnel, poor spatial EEG resolution, and availability of substitutes. However, manufacturers are trying to design devices that can read and interpret brainwaves and control the devices. Such a product will be used across a wide range of applications such as lifestyle, sports, fitness, and medicine and market research.
Diagnostic Centers Segment to Grow at CAGR of 7.20% in the Next Six Years
The global EEG devices market has been segmented on the basis of product type, modality, and end use. The products in the global EEG devices market are 21-channel EEG, 8-channel EEG, 32-channel EEG, 40-channel EEG, 25-channel EEG, and multi-channel EEG. EEG devices use modes such as standalone or fixed devices or portable devices. Finally, the end users of EEG devices are diagnostic centers and hospitals. Research suggests that portable EEG devices will lead the market due to their easy accessibility and comfort to the patient during procedures. The research also suggests that the diagnostic centers segment will expand at a CAGR of 7.20% in the next six years.
Asia Pacific to Lead Global Electroencephalography Market
In terms of geography, the global EEG devices market is segmented into Europe, Latin America, North America, Asia Pacific, and the Middle East and Africa. Of these, Asia Pacific is expected to achieve unprecedented success as the demand for diagnosing critical disorders such as epilepsy has skyrocketed in the past few years. This demand has motived several companies to focus on manufacturing EEG devices in the region. The EEG market in Asia Pacific is expected to reach US$259.5 mn by 2021, growing from a valuation of US$152.2 mn in 2014.
The important players in the global EEG market are Nihon Kohden Corp, Neurowave Systems Inc., Compumedics Limited, Cadwell Laboratories Inc., EB Neuro S.P.A, Electrical Geodesics Inc., BrainScope Company Inc., Natus Medical Inc., Lifelines Neurodiagnostic Systems Inc., Elekta A.B., Jordan NeuroScience Inc., Bio-Signal Group Corp., and Neurosoft Ltd.
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